FY26 was supposed to be peak capex. FY27 is higher.

Planet capital expenditure, actual by fiscal year and full-year guidance by date issued, $M. The FY27 guide was raised to $100-115M in September 2026.

Capex = purchases of property and equipment + capitalized internal-use software. FY26 guide moved $50-65M (Mar 2025) to $81-85M (Dec 2025); FY27 guide raised from $80-95M to $100-115M on 2026-09-03 (23-27% of revenue) vs a 5-8% long-term target.
Chart: Shawarma CapitalSource: Planet Labs PBC 8-K earnings releases (guidance ranges, verified in release text); 10-K/10-Q cash-flow statements via SEC XBRL (actuals).Get the data Download image